How to Talk to Your Children About Money

How to Talk to Your Children About Money

In order for your children to develop good money habits, start with these tips.


Piggy Banks for Everyone
Gift your children a little piggy bank. Let them know that this will be their money from now on, but do not just give them money. Take this time to teach them that money is earned via hard work. This is the time, even if they are four years old, to let them know that hard work is rewarded.

ATM
Take your children with you to the ATM. Show them where your money comes from and explain to them what you do in order to have money available at the bank. Only then will they understand that money does not grow on trees and that in order to get it you have to earn it, take care of it and value it.

Everything Takes Effort
When you give your children everything they want, you’re sending them a message: Everything is easy. They just have to ask for it and they get it. Ladies, this may sound dandy now, but it can turn into a big problem in the future. If they do not see that things require them to make an actual effort, they will experience a fast reality check, and a big one (because one must work to earn). Encourage them to make a list of all the things they want — they can keep it in their rooms — and what they need to do in order to earn those things.

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Help them create a plan of action. You will see that once they achieve their objective, not only will they be more appreciative of what they have, but also feel great pride in having achieved it themselves.

Hopefully these little secrets will help you begin to shape your children’s money habits at home.

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